What is Form 1099-R?
Form 1099-R, Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc. is used to report retirement benefit distributions (payments) from pensions, annuities, or other retirement plans.
You should receive a 1099-R if you received a distribution of $10 or more from your retirement plan.
In addition to distributions, Form 1099-R is used to report:
- Conversions: Money moved from a traditional retirement plan to a Roth IRA.
- Rollovers: Money moved from your retirement savings plan into another account.
- Recharacterizations: This is when you reverse (undo) a rollover or conversion to a Roth IRA.
We'll use the information from your Form 1099-R to determine if your transaction is taxable and/or subject to any penalties.
Note: Form 1099-R is the most commonly-encountered retirement form, but there are a number of 1099-R "flavors", like: